Imagine this: You’re sitting across from a charming couple discussing life insurance options. They seem trustworthy, genuine, and caring. But behind their smiles hides a multimillion-dollar scam. Sound far-fetched? That’s exactly what Maureen Wilson from Owings Mills did—until it all came crashing down. According to the U.S. Department of Justice, here’s how it unfolded: How …
Question: Dear Steve, IRS warning letters sent to me incorrectly over the last three years have significantly affected my mental health. Like millions of other people (as I have read/heard in the news), I have been getting warning letters from the IRS over the last few years that my assets will be seized or my …
Persons with lower income who owe income taxes can often qualify for “Currently Not Collectible” (CNC) status and not be required to pay their past due IRS taxes. Therefore, it is not that difficult to obtain CNC status if you are in the lower-income bracket. Income Requirements You can qualify if your income is within …
Kathy Brenneman hears plenty of taxpayer horror stories in her receptionist’s job at a tax preparation service in Waldorf, Maryland. But this past year, the spiraling crisis at the Internal Revenue Service collided with her personal life as well. Brenneman had filed an amendment to her 2018 taxes via snail mail, along with a $108 …
The Internal Revenue Service (IRS) is making some fancy moves to collect past due tax debt. If someone owes a tax debt of $52,000 or more, the IRS can notify the State Department to deny a passport application or renewal. But here is where it gets spicy, Under the Fixing America’s Surface Transportation (FAST) Act …
If you owe the IRS and cannot pay in full, there are five collection alternatives that you can obtain from the IRS that you can use. Extensions of time to pay and easy to obtain installment agreements are the most common alternatives selected by those who owe. In most instances, individual taxpayers just need a …
In the summer of 2008, William Pfeil made a startling discovery: Hundreds of foreign companies that operated in the U.S. weren’t paying U.S. taxes, and his employer, the Internal Revenue Service, had no idea. Under U.S. law, companies that do business in the Gulf of Mexico owe the American government a piece of what they …
This week Damon Day and I talk about a wide variety of topics. Everything from why big TRS refunds spell trouble to what you really need to know about credit cards and debit cards. The advice is what you would least expect. As usual, the commentary is irreverent at times and we certainly don’t take …
When Natassia Smick, 28, filed her family’s taxes in January, she already had plans for the refund she and her husband expected to receive. Mainly, she wanted to catch up on her credit card debt. And she was pregnant with their second child, so there were plenty of extra expenses ahead. Since Smick, who is …
Question: Dear Steve, I have recently received letters from the IRS about taxes owed from previous filings (2012, 13, 14). I don’t have the financial resources to pay them outright. I am considering using Roth IRA funds to settle the debts. The IRA was initiated over 5 years ago. One of the exceptions to the …